$6$ Graded Homework

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Cost Flow Methods

The following three identical units of Item LO$3$V are purchased during April:

$\backslash$table$[[,$Item Beta,Units,Cost,$],[$April $2,$Purchase,$1,$$$291,],[$April $15,$Purchase,$1,294,],[$April $20,$Purchase,$1,297,],[$Total$,,3,$$${882}_{?},],[$Average cost per unit,,,$${294}_{?},$ units$)]]$

Assume that one unit is sold on April $27$ for $$426.$ Determine the gross profit for April and ending inventory on April

$($b$)$ last$-$in$,$ first$-$out $($LIFO$)$; and $($c$)$ weighted average cost method.

$\backslash$table$[[,$Gross Profit,Ending Inventory$],[$a$.$ First$-$in$,$ first$-$out $($FIFO$),$$$,$$